Turkish Statistical Institute Announces GDP Results

Turkey's Statistical Institute (TÜİK) has announced Gross Domestic Product (GDP) results for 2023 calculated using the production method. Turkey's economy grew 4.5% last year and 4% in the final quarter of 2023. GDP at current prices according to the production method increased 75% year-on-year in 2023, reaching TRY 26,276,307 million. When examining the activities comprising GDP, in 2023 compared to the previous year on a chained volume basis, financial and insurance activities expanded total value added by 9%, construction by 7.8%, services by 6.4%, other service activities by 4.6%, public administration, education, human health and social service activities by 3.8%, real estate activities by 2.7%, information and communication activities by 1.3%, professional, administrative and support service activities by 1.2% and industry by 0.8%. The agriculture sector contracted 0.2%. Per capita GDP in 2023 at current prices was calculated at TRY 307,952 (USD 13,110). Thus Turkey's economy has grown for 14 consecutive quarters. Meanwhile, TÜİK revised its growth figures for last year. Minister Şimşek: One-third of 2023 growth came from machinery and equipment investments Treasury and Finance Minister Mehmet Şimşek stated, "In 2023, one-third of growth came from machinery and equipment investments. Through investment and exports that we strongly support, we are moving toward more quality-oriented growth." Minister Şimşek, using the statement "Indicators point to the continuation of economic rebalancing and improvement in the current account deficit. We expect moderate, balanced growth this year with positive contribution from net external demand," added, "To achieve lasting prosperity, we will continue with structural reforms focused on ensuring price stability as well as high value-added production and productivity increases." Source